Key Insights
- Nvidia stock has jumped and is nearing the all-time high of $236.
- Rosenblatt analysts have boosted their target to $390.
- Technicals on the weekly chart suggest that it has more upside.
Powered by multiple catalysts—such as its massive share buyback and the ongoing artificial intelligence (AI) boom—Nvidia shares pressed higher, approaching a critical threshold. NVDA advanced to $231, sitting just below its all-time peak of $236 as market observers forecast further gains.
Nvidia Stock is Rising as Analysts Predict More Upside Possible
NVDA shares have climbed 22% from their July lows, and analysts expect the upward trajectory to continue. In a Tuesday note, Kevin Cassidy of Rosenblatt upgraded the stock to a buy and raised his price target to $390. Reaching this target would mark a 70% increase from current levels, pushing the company’s market capitalization past $9.48 trillion.
The upgrade followed the announcement of a massive $150 billion buyback initiative. This move brings total remaining authorization to approximately $235 billion, establishing the largest repurchase program in history. Nvidia’s ongoing repurchases have successfully reduced its share count from a 2022 high of 25 billion down to 24.15 billion.
These share repurchases help drive up earnings-per-share by decreasing the supply of stock in circulation. Consequently, Nvidia’s earnings-per-share has risen to $2.4675, up significantly from $0.1199 in 2022.
Management likely pursued this sizeable buyback program because the stock trades at an attractive valuation. Metrics indicate that the company is a bargain across the board; its forward price-to-earnings ratio sits at 24, well below its five-year average of 42.
Furthermore, Nvidia’s forward multiple trails those of its industry peers. Key rival Advanced Micro Devices (AMD) carries a forward multiple of 80, while Marvell Technology sits at 62 and Lumentum rests at 44. Other members of the Magnificent 7 also command higher multiples.
Nvidia’s Growth to Continue Despite Risks
Beyond Rosenblatt, additional Wall Street analysts remain staunchly bullish on the firm. David O’Connor of Piper Sandler initiated coverage with a $300 target, Quinn Bolton of Needham issued an identical $300 target, and Atif Malik of Citi set a target of $315.
These experts highlight robust revenue growth that is expected to accelerate in the near future. During its latest earnings report, Nvidia projected that its 2027 revenue will soar by over 70%, surpassing average analyst estimates.
Nevertheless, the company confronts substantial risks. For instance, DeepSeek recently introduced a new chip developed alongside Huawei, while other major tech corporations—such as Amazon, Google, Microsoft, and Meta Platforms—are rolling out their own ASIC chips. Chinese enterprises including MetaX, Cambricon, Moore Threads, and Baidu have likewise manufactured proprietary chips.
Another prominent threat involves growing concerns that the artificial intelligence sector may be in a bubble. Skeptics frequently point to circular investment patterns and sustained financial losses at entities like OpenAI and Anthropic.
Nvidia Stock Price Technical Analysis
On the weekly chart, NVDA stock has maintained a multi-year bull market. This upward trend has not been linear, featuring intermittent pullbacks such as the correction observed between May and July.
The equity continues to hold above the ascending trendline linking its swing lows dating back to April of last year, having consistently defended this support level.
Additionally, the stock stays positioned above its 50-week moving average, which offers steady dynamic support. Consequently, a decisive breakout past the $236 resistance barrier would signal victory for the bulls and pave the way for additional gains, potentially lifting the share price toward $250 or higher.